Friday , March 1 2024

Gold trades in narrow range

SJC gold price fell 0.07% to VND67.05 million ($2,819.60) per tael Wednesday morning.

Gold ring price dropped 0.09% to VND56.1 million per tael. A tael equals 37.5 grams or 1.2 ounces.

Globally gold stuck to a narrow range on Wednesday as investors awaited the release of the U.S. Federal Reserve’s latest monetary policy meeting minutes later in the day, with a stronger dollar also weighing on prices, Reuters reported.

Spot gold was little changed at $1,923.66 per ounce, while U.S. gold futures rose 0.1% to $1,931.20.

The dollar index ticked up 0.1%, making bullion less attractive for overseas buyers.

“Fed minutes are likely to reveal a lively debate where still more rate hikes are to come. This could cause some softness in gold in the very short term, but medium to long term seekers of security will be buying any dip,” said Clifford Bennett, chief economist at ACY Securities.

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